Over the last 5 or six years …Papaya Global Levels Of Security… roles on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately 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 fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession 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.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and discover how enhancing international payroll payments can change them from a difficult task into a tactical asset.
Managing payroll globally is a complicated task due to various policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of combination, resulting in disparities and inadequacies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a global 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 smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying 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 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 best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it likewise too 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 definitely imperative that payroll and financing teams work closer together than ever um I’m always impressed when people state 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 split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 complexity there’s a growing number of benefits being organ or being provided by services across the world so once again you’re simply seeking to add more and more payments to this already complex 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 difficult kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on employees it is definitely critical 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 damaging result on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails 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 definitely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your workers internationally again I believe is another big um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and bank accounts they require for their Global 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’ve never 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 grievances where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everybody so moving on appearance why do business pick to primary separate savings account there are Papaya Global Levels Of Security companies out there doing precisely this for specific nations and I’ve operated in a service or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 checking account we open an entity and rightly so you need 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 requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually 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 believe this is a procedure that requires taking a look at it needs altering but ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing we all don’t like change um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping multiple savings account but there’s a substantial quantity of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the honest response is change um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter 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 proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does pose several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification 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 gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Levels Of Security