Over the last five or 6 years …Papaya Global Online Payroll Owner… functions on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 very really gloomy and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a difficult task into a strategic property.
Managing payroll internationally is an overwhelming job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Despite residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the required 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 service 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 doesn’t need to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and innovation is permitting us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so again you’re just wanting to add more and more payments to this already complicated 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 real tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely 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 details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era 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 stated payroll is the single most significant liability that any business has from a cost point of view from an effect perspective on workers it is definitely important 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 greatest detrimental result on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been surprised entering 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 actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the first Global Payments very first payroll payment service is a great initial action towards offering an extensive payroll option for staff members worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are crucial factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyway 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 processes and also so picture sorry I’m simply I was simply gon na state picture 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 picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and type of try to get back to everyone so carrying on look why do business pick to primary different savings account there are Papaya Global Online Payroll Owner services out there doing precisely this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anyone 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 think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings 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 think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing however ultimately people are really stuck to what they’re familiar
with ideal um modification is a difficult thing we all do not like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping multiple bank accounts but there’s a substantial quantity of intricacy goes with 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 specific individuals so the intricacy is huge but I believe the truthful answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Online Payroll Owner