Over the last five or 6 years …Papaya Global Phone… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes 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 really bleak and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and services to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the required 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 challenges service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included right and what does
it require to be considered 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 abilities 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 wherever you look right eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing 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 Bank Account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 live in and well-being being more and more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so again you’re simply looking to add more and more payments to this already intricate 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 obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the larger a business 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 information into the next function as it were that’s actually managing the payment side of things however you understand 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 create extra handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense point of view from an impact perspective on workers it is definitely critical that it’s done properly 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 greatest harmful result on people’s well-being and many other factors if people aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is an excellent preliminary step towards offering an extensive payroll option for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are essential consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know 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 associated with those processes and likewise so imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so moving on look why do business choose to main different checking account there are Papaya Global Phone services out there doing precisely this for particular nations and I have actually worked in a business or lots of companies doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing 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 amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering however eventually individuals are really stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving several checking account however there’s a big quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I think the sincere answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always 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 understand what could almost be identified to be the next Century or so there is a lot to keep track of and this approach does position numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched 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 Global employees you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Phone