Over the last five or six years …Papaya Global Intern Payroll… functions on the company side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone 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 kind 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 kind of like see where everybody originates from and I actually 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 raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll worldwide is an overwhelming job due to various policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in an era of technological advancements, 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 aims to supply insights and options to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses 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 mistakes are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when 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 essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what doesn’t require 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 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 customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re simply seeking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger 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 in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense perspective from an impact perspective on employees it is definitely important that it’s done properly 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 detrimental effect on people’s wellness and many other aspects if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. Therefore, it is important to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Using the first International Payments first payroll payment option is a fantastic initial action towards offering an extensive payroll service for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and checking account essential for international payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand 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 everyone that’s associated with those processes and also so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting 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 need days of the week to attempt to check out them and actually see what was going on and sort of try to return to everyone so carrying on appearance why do companies choose to primary different checking account there are Papaya Global Intern Payroll services out there doing exactly this for particular countries and I have actually worked in a business or many organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s handling that process 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 believe lots of reasons one is it’s the requirement I believe people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it needs changing but ultimately people are extremely stuck to what they’re familiar
with best um change is a tough thing all of us do not like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts but there’s a huge amount of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I think the honest answer is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this technique does posture numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I simply 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 Worldwide workers you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Intern Payroll