Over the last five or 6 years …Papaya Global Services Australia… roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all 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 currently just to hear where everybody is um it’s nice to to sort 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 raining here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a challenging task into a strategic property.
Handling payroll internationally is a complicated job due to different policies, compliance requirements, data security issues, and banking rules. The large number of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered 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 money all over the world payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 right ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 definitely basic and innovation is enabling us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the compensation landscape is ending up being increasingly complex. Services are constantly introducing new benefits and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly advanced age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your staff members internationally again I think is another big um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
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 everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to get back to everybody so moving on appearance why do business pick to main different bank accounts there are Papaya Global Services Australia businesses out there doing exactly this for specific nations and I have actually operated in a service or lots of businesses doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anybody that’s handling that procedure 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 standard I think people have got so utilized to we need a new bank account we open an entity and appropriately 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 just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering however ultimately individuals are extremely stuck to what they recognize
with right um change is a hard thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining multiple checking account however there’s a substantial quantity of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is substantial but I believe the truthful response is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to monitor and this technique does pose several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range 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 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 Global payroll and payments with Papaya payroll OS did you Papaya Global Services Australia