Over the last five or 6 years …Papaya Global Tutorial Youtube… functions on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately 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 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 drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s get going 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 maintain separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also offer 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 challenge for businesses operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll internationally is a complicated task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and a lack of combination, causing disparities and inefficiencies. Despite living in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 complexity wherever you look best eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply seeking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional 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 need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact viewpoint on workers it is definitely crucial 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 need to be done right it has the biggest detrimental effect on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done properly. Using the first Global Payments first payroll payment solution is a terrific initial step towards offering a thorough payroll solution for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account essential for global payroll are essential consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how crucial 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 procedures and likewise so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that numerous 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 definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everybody so proceeding look why do companies select to main different savings account there are Papaya Global Tutorial Youtube organizations out there doing exactly this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s managing that procedure 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 believe many factors one is it’s the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually individuals are extremely stuck to what they recognize
with best um modification is a hard thing all of us do not like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a huge amount of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge however I believe the truthful response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge 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 knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this technique does posture a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Tutorial Youtube