Over the last 5 or 6 years …Papaya Global Change Company Data Path… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather 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 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 raining here it’s very very gloomy and I wish 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 taking a look at the difficulty years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined 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 bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a difficult task into a tactical possession.
Handling payroll internationally is a daunting job due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of living in an age of technological developments, 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 worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought of 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely critical however all over 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m always surprised when people say 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 computation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re simply looking to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I suggest 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 operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know 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 extra handoffs in the processes 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 an era of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost point of view from an impact point of view on staff members it is definitely important 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 have to be done right it has the greatest harmful effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually 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 uncertain anyone on this kind of webinar has been informed 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 workers or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your workers internationally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Worldwide 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’ve never ever had a hundred countless 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 complaints where things have not gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how important 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous 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 but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture 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 actually see what was going on and sort of shot to return to everyone so carrying on look why do companies choose to main separate bank accounts there are Papaya Global Change Company Data Path companies out there doing exactly this for specific nations and I have actually worked in an organization or many companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s managing that process 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 believe numerous reasons one is it’s the requirement 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 number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving multiple savings account however there’s a huge quantity of intricacy chooses establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge however I think the sincere answer is modification um individuals have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does present a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I simply 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 Worldwide employees you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Change Company Data Path