Over the last five or six years …Papaya Global…. roles on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two 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 just to hear where everybody is um it’s nice to to sort of like see where everyone 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 extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling 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 global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in different 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 becoming a tactical possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a challenging job into a tactical property.
Managing payroll worldwide is a complicated job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought about there’s differing 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 intricacy wherever you look best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so once again you’re simply seeking to add more and more payments to this currently complex landscape so if you type 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 difficulties or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however 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 need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect perspective on workers it is absolutely important 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 greatest destructive result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll group 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 workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first International Payments first payroll payment solution is a fantastic initial action towards offering a thorough payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how essential a role 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies select to main different savings account there are Papaya Global. organizations out there doing precisely this for particular nations and I have actually worked in a company or many businesses doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a brand-new bank 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 think it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but eventually people are really stuck to what they’re familiar
with right um change is a tough thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several savings account however there’s a substantial amount of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big but I believe the truthful response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to monitor and this approach does position numerous difficulties um so Johnny could 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 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 gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global.