Over the last 5 or six years …Papaya Global Contact… roles on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 very extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession 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.
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a challenging task into a strategic asset.
Handling payroll globally is a challenging task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of employees and businesses adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international services have actually revealed 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 information information entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round all of it 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 once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the needed several processes 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 challenges organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 innovation is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re just seeking to include a growing number of payments to this currently complicated 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 challenges or genuine challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger an organization 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 details 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 necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on staff members it is definitely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll option for your staff members globally once again I believe is another huge um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and bank accounts they need 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to get back to everyone so proceeding look why do companies pick to primary separate bank accounts there are Papaya Global Contact businesses out there doing precisely this for specific countries and I’ve worked in a business or numerous services doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anybody that’s handling 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 quantity that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals 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 variety I think this is a process that requires taking a look at it needs altering however eventually people are really stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um people have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Contact