Over the last 5 or six years …Papaya Global Acuity… functions on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays 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 everybody is um it’s nice to to type of like see where everyone comes from and I actually 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 very really bleak and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise provide a recap 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 businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll globally is a complicated task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of combination, causing inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and services to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide services have expressed that they don’t 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 poor HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical cost of a global 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 do not run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included 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 timespan there’s payment abilities 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 anywhere you look right ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if however 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 recognition that payroll payments are definitely basic and innovation is permitting us to type of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 well-being being more and more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re simply looking to add increasingly more payments to this already complicated landscape so if you sort 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 real difficulties or genuine challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact point of view on employees it is absolutely important 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 need to be done right it has the most significant damaging impact on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been amazed 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 sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails 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 things is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll solution for your workers globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their International 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 have actually never ever 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 implied to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential a role 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous 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 interesting task 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 check out them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do business pick to main different savings account there are Papaya Global Acuity organizations out there doing precisely this for particular countries and I have actually operated in a service or numerous businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe people 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 variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm 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 numerous other methods 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 altering however eventually individuals are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us do not like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving several checking account however there’s a substantial amount of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge however I believe the truthful response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does pose several obstacles 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 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 employees you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Acuity