Over the last five or six years …Papaya Global For Mac… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer 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 interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll globally is a daunting job due to various policies, compliance requirements, data security issues, and banking guidelines. The large number of employees and services contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of integration, leading to disparities and inefficiencies. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to offer you an idea 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 gives me sleepless nights and rather honestly the more an organization spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses 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 mistakes are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is simply 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 paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require 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 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by organizations throughout the world so once again you’re just seeking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact perspective on staff members it is absolutely critical that it’s done correctly 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 greatest detrimental impact on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just 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 stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a great initial step um providing an end-to-end payroll service for your staff members globally again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle do not 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 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 know how how essential 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 associated with those processes and also so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying 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 need days of the week to try to browse them and really see what was going on and sort of shot to return to everyone so moving on appearance why do companies select to primary different savings account there are Papaya Global For Mac companies out there doing exactly this for particular countries and I’ve worked in an organization or many companies doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think people have actually got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are really stuck with what they’re familiar
with right um modification is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several checking account but there’s a big amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge but I think the sincere response is change um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does posture a number of challenges um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply 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 are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global For Mac