Over the last 5 or 6 years …Papaya Global 25.01.185… roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well one of 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 already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 extremely really gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll globally is a daunting job due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, causing disparities and inefficiencies. Regardless of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply 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 services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in international payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses 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 errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 complexity any place you look ideal eventually constructing a knowledge base is definitely critical but everywhere 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 look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 often 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so again you’re simply seeking to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a business 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 details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they need 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 hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense perspective from an impact point of view on employees it is definitely 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 need to be done right it has the most significant detrimental impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as 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 Global Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll solution for your staff members internationally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 grievances where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so proceeding look why do business pick to main separate savings account there are Papaya Global 25.01.185 organizations out there doing exactly this for specific nations and I’ve operated in a service or numerous companies doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not have to and anyone that’s dealing with 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing but ultimately people are very stuck with what they recognize
with best um modification is a hard thing we all don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining several bank accounts but there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is huge however I think the honest response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed our Enterprise 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 Worldwide staff members you deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 25.01.185