Over the last five or six years …Is Papaya Global Easy To Use… functions on the company side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a difficult job into a tactical possession.
Managing payroll internationally is a challenging task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. In spite of living in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 allowing us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I’m constantly amazed when people say 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say 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 task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply 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 age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an impact point of view on staff members it is definitely crucial 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 greatest harmful effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your workers internationally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and reducing 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 terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important a function 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 procedures and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying 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 attempt to look through them and really see what was going on and kind of try to return to everybody so carrying on appearance why do companies pick to primary separate checking account there are Is Papaya Global Easy To Use services out there doing precisely this for specific countries and I’ve operated in a business or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anybody that’s handling 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 think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering however ultimately people are very stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like modification um so I think it’s simply kind 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 comprehend undoubtedly the advantages of having maintaining multiple bank accounts but there’s a substantial quantity of complexity chooses establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is big however I believe the honest response is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Is Papaya Global Easy To Use