Over the last five or six years …Papaya Global Hr 100M Capital… functions on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a troublesome job into a tactical asset.
Handling payroll internationally is an overwhelming task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. Despite living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential several 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 difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included ideal 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 country 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 client’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely 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 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 technology is allowing us to kind of move forward with that it also also 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 absolutely essential that payroll and finance teams work better together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 ultimately 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 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 important to contribute to type of the level of complexity there’s more and more benefits being organ or being used by services across the world so again you’re just aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce 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 require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint 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 effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us hear 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 workout 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 things is absolutely crucial that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and decreasing 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up 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 try to check out them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do companies choose to primary different bank accounts there are Papaya Global Hr 100M Capital services out there doing precisely this for particular countries and I have actually worked in a company or numerous services doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and any person that’s managing 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 amount that we are I believe lots of reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have 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 numerous other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however ultimately people are extremely stuck to what they recognize
with best um modification is a difficult thing all of us don’t like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account but there’s a substantial quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is huge however I believe the truthful response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Hr 100M Capital