Over the last five or 6 years …Papaya Global 40M Series Partners 45M… functions on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very bleak and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, 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 discuss why they are ending up being a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome job into a strategic possession.
Handling payroll globally is an overwhelming task due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of employees and services contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and solutions to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually 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 due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical cost of an international 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 don’t run efficiently if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it need 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 timespan 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness 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 companies across the world so once again you’re just aiming to include increasingly more payments to this already intricate landscape so if you type 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 genuine challenges or real difficult type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand 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 need to produce extra handoffs at the same times that we operate in they just make them more prompt 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 understand that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on workers it is absolutely crucial that it’s done properly and on time so what we suggest 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 detrimental result on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your staff members worldwide once again I think is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and bank accounts they require for their Global payroll too couldn’t 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do business pick to primary different checking account there are Papaya Global 40M Series Partners 45M services out there doing precisely this for specific countries and I have actually operated in a business or lots of organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and anybody 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 amount that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but ultimately people are really stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like modification 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 lot of track of things um I understand undoubtedly the benefits of having keeping several bank accounts however there’s a big quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big but I think the truthful response is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this technique does posture a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 40M Series Partners 45M