Over the last 5 or six years …Papaya Global Mileage… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody 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 raining here it’s very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use 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 tactical possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging job into a strategic asset.
Managing payroll globally is a challenging job due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and companies contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global companies have actually revealed that they don’t 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 bad HCM information data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the wrong location 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 around the globe payroll and payments don’t run efficiently if they count on the essential multiple 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 difficulties business face when they’re paying to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to kind of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so once again you’re simply wanting to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on staff members it is absolutely critical 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 need to be done right it has the most significant harmful result on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished coming into this Market sort 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 during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Using the first Global Payments first payroll payment option is a terrific preliminary action towards providing a detailed payroll service for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts needed 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 occasionally get a few problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important a function 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 think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task 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 require days of the week to try to browse them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do companies pick to primary separate checking account there are Papaya Global Mileage services out there doing exactly this for particular countries and I’ve worked in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look 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 individuals are extremely stuck to what they recognize
with ideal um change is a tough thing all of us don’t like change um so I think it’s simply 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 certainly the advantages of having maintaining multiple checking account however there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the complexity is substantial however I think the honest answer is change um individuals haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise 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 staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Mileage