Over the last 5 or 6 years …Papaya Global 29… functions on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly 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 want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a troublesome task into a tactical property.
Handling payroll internationally is a difficult task due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors badly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the needed multiple 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 difficulties company face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s varying 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 abilities 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 best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some babies 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 definitely fundamental and technology is allowing us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of complexity there’s more and more benefits being organ or being offered by organizations throughout the world so again you’re just seeking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger an organization 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 teams feeding information into the next function as it were that’s really handling 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 create additional handoffs in the processes that we operate 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 a period of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect viewpoint on workers it is absolutely crucial 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 need to be done right it has the biggest harmful effect on people’s well-being and many other elements if people aren’t paid uh I’ve always been impressed entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll service for your workers internationally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and savings account they need for their Global 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 anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to return to everyone so proceeding look why do companies select to main separate savings account there are Papaya Global 29 companies out there doing exactly this for particular nations and I have actually operated in a company or many organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s managing 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 think lots of reasons 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 rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing but ultimately people are really stuck with what they’re familiar
with right um change is a hard thing we all do not like change um so I believe it’s just 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 obviously the advantages of having preserving several savings account but there’s a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the sincere answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from 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’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep track of and this technique does position a number of difficulties um so Johnny might you inform us about those challenges yeah obviously 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 workers you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 29