Over the last 5 or 6 years …Papaya Global Withhold Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us 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 already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a challenging task into a strategic asset.
Managing payroll globally is a difficult task due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and companies contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have 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 because of time reporting poor HCM data data entry errors inadequately communicated 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 location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included right and what does
it need 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data 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 wellness being increasingly more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by organizations throughout the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run 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 age of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact perspective on workers it is definitely vital 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 biggest harmful result on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. 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 properly. Utilizing the first International Payments very first payroll payment service is an excellent initial step towards supplying an extensive payroll service for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account essential for international payroll are essential factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand 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 simple as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however 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 try to browse them and really see what was going on and type of shot to return to everybody so carrying on look why do companies pick to primary different bank accounts there are Papaya Global Withhold Payroll organizations out there doing exactly this for particular countries and I have actually worked in a company or many organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you require 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 actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing but ultimately people are really stuck with what they’re familiar
with right um modification is a challenging thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several savings account but there’s a big amount of intricacy goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is huge but I think the sincere answer is change um people have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this technique does posture numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Withhold Payroll