Over the last five or 6 years …View The Entire W2 On Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 very extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset 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.
Making sure precise, effective, and timely payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging task into a strategic possession.
Handling payroll internationally is a daunting job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of combination, causing disparities and inadequacies. Regardless of living in a period of technological developments, 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 objectives to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives 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 visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the essential several 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 obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be considered there’s differing Bank details 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 abilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and technology is enabling us to type of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m always 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 does not operate 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 process it’s the point of data collection all the way through to paying people any place 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 sort of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations throughout the world so again you’re just wanting to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or real tough kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run 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 a period of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it needs 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 perspective on workers it is absolutely vital 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 have to be done right it has the most significant destructive result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first International Payments first payroll payment solution is a great initial action towards providing a thorough payroll option for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account necessary for global payroll are key consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know how how essential 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 simple as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and type of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are View The Entire W2 On Papaya Global businesses out there doing exactly this for specific nations and I’ve worked in a service or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people 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 numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they recognize
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several savings account but there’s a substantial amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the truthful response is change um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always 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 know what might almost be figured out to be the next Century or so there is a lot to track and this approach does present several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. View The Entire W2 On Papaya Global