Over the last 5 or 6 years …Papaya Global Afghanistan… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among 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 fascinating and I can see it going on already 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 is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult job into a tactical property.
Managing payroll worldwide is a challenging task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be included ideal 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 country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and technology is permitting us to sort of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re simply aiming to add increasingly more payments to this currently intricate landscape so if you type 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 real challenges or genuine tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a service 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we mean 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 harmful effect on people’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has 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 notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment service is a fantastic preliminary step towards providing a comprehensive payroll option for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account necessary for international payroll are essential consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important a role 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean up 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 require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies choose to main different savings account there are Papaya Global Afghanistan services out there doing exactly this for specific countries and I’ve operated in a service or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anybody that’s handling 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 amount that we are I believe numerous reasons one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but eventually people are really stuck to what they’re familiar
with best um change is a challenging thing we all don’t like change um so I believe it’s simply 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 understand undoubtedly the advantages of having preserving several savings account however there’s a huge quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial but I think the truthful response is modification um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to track and this technique does position numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Afghanistan