Over the last five or 6 years …Papaya Global Hris… functions on the service provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us 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 already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll internationally is a difficult job due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance international payroll payments.
about it to offer you an idea 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 provides me sleepless nights and quite honestly the more a service invests in international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the required numerous 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 obstacles service face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so again you’re just aiming to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a service 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 info into the next function as it were that’s in fact managing the payment side of things but you know 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 extra handoffs while doing sos that we run in they simply 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 era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on staff members it is absolutely vital that it’s done properly 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 detrimental impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been amazed entering 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 type 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 employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your staff members worldwide once again I believe is another big um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies choose to main separate checking account there are Papaya Global Hris businesses out there doing precisely this for specific nations and I’ve operated in a service or numerous organizations doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add 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 variety I believe this is a procedure that needs taking a look at it requires altering however ultimately individuals are extremely stuck with what they recognize
with best um modification is a tough thing we all don’t like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple checking account however there’s a substantial amount of intricacy goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge but I think the truthful response is modification um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to track and this approach does present several difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Hris