Over the last 5 or 6 years …Papaya Global San Marino… roles on the company side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset 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.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a burdensome task into a strategic asset.
Managing payroll worldwide is an overwhelming task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of combination, leading to inconsistencies and inadequacies. Despite residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and options to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical expense of an international 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 count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations throughout the world so once again you’re just looking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure 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 number of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details 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 does not always need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on employees it is definitely important that it’s done correctly and on time so what we imply 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 effect on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been surprised entering into this Market sort of the last five 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 anybody has actually been thanked, it would be excellent 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. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments very first payroll payment service is an excellent preliminary step towards supplying an extensive payroll service for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts needed for international payroll are essential factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of try to return to everyone so carrying on appearance why do business choose to main separate bank accounts there are Papaya Global San Marino organizations out there doing exactly this for specific nations and I’ve operated in a company or numerous businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s handling 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 amount that we are I think many factors one is it’s the requirement I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with best um change is a tough thing all of us don’t like change um so I believe it’s just sort 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 understand undoubtedly the advantages of having preserving numerous bank accounts however there’s a huge amount of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is big however I think the honest response is modification um people have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global San Marino