Over the last five or six years …Papaya Global Cambodia… functions on the provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple 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 quite intriguing 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 actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic 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, efficient, and prompt payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and discover how improving international payroll payments can transform them from a challenging job into a strategic possession.
Managing payroll globally is a difficult job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large number of employees and businesses adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the required several procedures 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 company face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and state what is it what does not need to be included 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 complexity any place you look right ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some children 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 basic and innovation is enabling us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to type of the level of complexity there’s a growing number of advantages being organ or being used by companies throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an effect point of view on staff members it is definitely vital that it’s done correctly and on time so what we indicate 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 harmful impact on people’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last five to 10 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 terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is a terrific preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts required for worldwide payroll are crucial consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know 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 everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and type of try to get back to everybody so proceeding look why do business pick to primary separate checking account there are Papaya Global Cambodia businesses out there doing exactly this for specific nations and I’ve operated in a business or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anybody 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced 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 type of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering however ultimately people are very stuck to what they recognize
with best um modification is a difficult thing all of us 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 great deal of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts however there’s a huge amount of complexity opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial but I believe the sincere answer is change um people have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Cambodia