Over the last five or 6 years …Papaya Global Monaco… functions on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply 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 drizzling here it’s really really gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and find how simplifying global payroll payments can transform them from a troublesome task into a strategic property.
Managing payroll internationally is a difficult task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and businesses adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely vital but 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 look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations throughout the world so once again you’re just looking to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes 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 a period of tech and an age that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect perspective on staff members it is absolutely critical 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 have to be done right it has the most significant destructive impact on people’s well-being and many other aspects if people aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as 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 Global Payments first payroll payment solution is a great initial step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and checking account they need for their International 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 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 implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na say envision 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 discussing hundreds of thousands possibly Millions think of getting that many 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 job 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 really see what was going on and kind of try to get back to everybody so proceeding appearance why do companies choose to main different checking account there are Papaya Global Monaco businesses out there doing exactly this for particular countries and I’ve worked in a business or numerous organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires changing however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account but there’s a substantial amount of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I think the sincere response is change um people haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however 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 proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to keep track of and this approach does pose several obstacles um so Johnny might you inform us about those difficulties yeah of course 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 seems like our CFO has acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Monaco