Over the last 5 or 6 years …Employee Payroll Calendars Papaya Global… functions on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 kind of like see where everybody comes from and I truly 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 drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll internationally is a challenging task due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of an image they see an absence of presence also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real difficult sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need 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 prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that 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 organization has from an expense point of view from an effect viewpoint on workers it is definitely important 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 need to be done right it has the most significant destructive impact on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll solution for your staff members internationally once again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a function 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 also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that many thank you notes um I imply 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 was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do business choose to main separate bank accounts there are Employee Payroll Calendars Papaya Global companies out there doing precisely this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately people are really stuck to what they recognize
with right um change is a difficult thing we all do not like change 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 lot of track of things um I comprehend clearly the benefits of having keeping several bank accounts however there’s a huge amount of complexity chooses establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I think the truthful answer is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this method does pose several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Employee Payroll Calendars Papaya Global