Over the last 5 or 6 years …My Papaya Global Com… functions on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually 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 very very dreary and I wish I was somewhere else at this moment in time fine so let’s start 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 keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also provide 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 companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult job into a strategic property.
Managing payroll globally is a difficult task due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite living in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide businesses have revealed 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 data information entry mistakes improperly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be consisted of best and what does
it need to be thought of there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re simply wanting to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates 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 viewpoint and my experience that does not necessarily require 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 timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact point of view on employees it is absolutely 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 have to be done right it has the most significant damaging impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just discover when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment service is an excellent preliminary action towards providing a thorough payroll service for staff members worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts required for worldwide payroll are crucial factors in attaining company success. While we do not 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. Eventually, we don’t do it for the appreciation.
anyway we know 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 simple as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do companies pick to main separate checking account there are My Papaya Global Com organizations out there doing precisely this for specific countries and I have actually operated in a company or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually 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 but ultimately individuals are really stuck to what they’re familiar
with right um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping several checking account however there’s a big quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is huge however I believe the sincere answer is modification um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter 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 understand what might almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does present several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed 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 International employees you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you My Papaya Global Com