Over the last five or six years …Ideamaster Papaya Global… functions on the provider side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting 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 truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a challenging task into a tactical possession.
Handling payroll worldwide is an overwhelming task due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of living in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies have actually expressed 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 due to time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they count on the needed several 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 obstacles organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought of 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 any place you look best ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link 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 kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra 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 need to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on workers it is definitely crucial that it’s done correctly and on time so what we suggest 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 damaging result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just see when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Global Payments first payroll payment solution is a fantastic initial action towards offering a comprehensive payroll solution for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are key consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important 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 associated with those procedures and also so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do companies pick to primary separate savings account there are Ideamaster Papaya Global businesses out there doing precisely this for particular nations and I’ve operated in a company or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and any person 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 quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and rightly so you need 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 standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining several checking account however there’s a big amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge but I think the truthful response is change um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does present numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Ideamaster Papaya Global